Trintech, a leading provider of integrated Record-to-Report software solutions for the office of finance, today announced it has acquired Chesapeake System Solutions, a leading provider of financial transaction account reconciliation and treasury solutions.
This transaction broadens Trintech’s suite of enterprise class Record-to-Report (R2R) solutions as it moves to integrate its flagship Cloud-based Cadency® suite with Chesapeake’s products. The combination of Trintech and Chesapeake products offers customers the most robust solutions targeted at the reconciliation portion of their Financial Close process, and positions them for future financial transformation in order to maximize the value within their R2R process using Cadency®. The combined company will operate under the name Trintech.
“Chesapeake is an innovative, customer focused, and fast-growing organization that complements our mission to serve the Record-to-Report needs of the enterprise marketplace,” said Teresa Mackintosh, CEO of Trintech. “Their reconciliation, treasury and cash management solutions are widely respected by customers and broaden Trintech’s already strong Cadency® enterprise product suite.”
Chesapeake System Solutions is the provider of T-Recs® Enterprise and T-Recs® Enterprise for Banking, an account reconciliation workflow software that helps manage general ledger activities, ledger matching, journal entry as well as review and approval processes. Additional Chesapeake solutions include UPCS© for unclaimed property, SmartTreasury® for cash and liquidity management, planning and control, and SmartAnalysis® banking “what-if” budgeting analysis.
“We are thrilled to join an amazing team who, like us, works extremely hard to provide the highest level of customer satisfaction while transforming the systems and processes that make up the Record-to-Report market,” said Peter Vogelberger, CEO of Chesapeake System Solutions. “This is great news for our customers and our employees. Trintech shares our philosophy and vision for the future of the market, and we are excited to help expand their industry-leading Cadency® suite.”
Trintech will continue to offer, support, and extend Chesapeake’s products to the global marketplace as well as its flagship Record-to-Report software including ReconNET™ and Cadency®.